Activity Increases as Spring Selling Season Approaches

Activity Increases as Spring Selling Season Approaches

Despite a preliminary drop in the clearance rate, spring has arrived as national auction volumes hit a nine-week high.

Across the country, 2,018 homes went under the hammer, marking the first week the 2,000 mark was breached in more than two months. This represents consistent growth that has occurred over the past four weeks, with a 10.8% increase in volume this week compared to the 1,816 auctions held last week.

However, these results were not enough to keep preliminary clearance rates above 60% for the third consecutive week, with that number dropping to 59.1% from 1,522 results so far. This is a drop of 3.5 percentage points from 62.6% the previous week.

New South Wales’ capital, Sydney, saw activity increase by 23.8 per cent, culminating in the auctioning of 791 homes across the city last week. Of the 591 results collected so far around the port city, 56.9% have been successful, with the lowest clearance rate recorded in three weeks following last week at 63.4%. Sydney also saw its highest withdrawal rate in eight weeks at 25.4%.

South West Sydney was the best performing sub-region with a 68.2% win rate across 46 total auctions, while the Central Coast had the lowest preliminary clearance rate at just 33.3% on 22 auctions.

Despite initial predictions that Sydney would be the busiest city in the country, Melbourne’s 829 auctions saw him reclaim that crown. This level of volume represents an increase of 6.4% compared to the figures observed a week earlier; however, this growth could not prevent preliminary solve rates from dropping nearly 4% to 61.3%, from 684 results collected.

The Outer East of the Victorian capital had the most successful week of all its sub-regions, reigning with a preliminary clearance rate of 69.6% from 57 auctions in total. Meanwhile, its inner sub-region finished weakest, with just 48.2% of 141 auctions returning positive.

Among the small capitals, Brisbane held the most auctions (145), even with a 5.2% drop in activity; however, it also had the lowest success rate (41.6%). The other capital to experience a drop in volume was Canberra, with a 13.7% drop in activity in the nation’s capital resulting in 88 auctions being held, 62.7% of which ended in a positive result.

Adelaide was the best performing city in the country, ending the week with a preliminary clearance rate of 78% from 139 auctions, representing a jump in activity of 12.1%.

Perth has seen volume increase by more than 50%, with 23 auctions held in Western Australia’s capital – six of the 14 results collected so far have been successful. Tasmania held three auctions, one of which was successful.

Activity Increases as Spring Selling Season Approaches

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Last update: August 29, 2022

Posted: August 30, 2022